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Forex broker advice from experienced trader


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Forex broker advice from experienced trader

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  #1 (permalink)
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011

Does anyone here have a lot of experience trading forex in the US, and if so, would you mind sharing some details about your thoughts on brokers? I am wanting to trade forex instead of the 6s, but have never done it. I looked at IB, Oanda, Citi... IB seems like it could go either way as far as quality. The 800lb gorilla is not always the best. Opening a new account is enough of a process that I would like any seasoned advice.

Also, I am using Sierra Charts now and would prefer to keep that. Thanks.

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  #3 (permalink)
desert CA
 
Experience: Intermediate
Platform: NT7, TOS, CQG-trader
Broker: AMP, DT, TDA
Trading: CL,NQ,YM
 
Posts: 2,130 since Jul 2011
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I'm not that experienced a forex trader but I had used MT4 before NT and have asked similar questions from a professional forex trader.

MB Trading - Stocks Options Futures Forex Online Discount Trading is a popular solid broker. Their feeds, sim and live also can work on NT as well as MT4.

myfxbook uses FXCM:NYSE - Forex, FX, and Currency Trading Online 24/5 @ FXCM for automated signal following.

zulutrade likes to use Forex | Forex Brokers | Forex Trading | HotForex likewise.

I was surprised to hear last year that Mirus also has forex services at Forex Trading Online | Forex Broker | Mirus Forex
which can use MT4 or NT. I never tried forex with them, just futures.

A good forum about forex is Easy Forex Forum, Factory, Best Forex Pro Signals | Donna Forex

their broker topic & poll here: https://donnaforex.com/forum/index.php?topic=348.150

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  #4 (permalink)
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
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Posts: 6,462 since May 2011


Cloudy View Post
I'm not that experienced a forex trader but I had used MT4 before NT and have asked similar questions from a professional forex trader....

Thanks Cloudy. Checking out Alpari / Mirus.

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  #5 (permalink)
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011

Anyone have any thoughts on Alpari vs FXCM? I wanted to go to Pepperstone, but have to go expat to do it.

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  #6 (permalink)
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011


Cloudy View Post
I'm not that experienced a forex trader but I had used MT4 before NT and have asked similar questions from a professional forex trader.

MB Trading - Stocks Options Futures Forex Online Discount Trading is a popular solid broker. Their feeds, sim and live also can work on NT as well as MT4.

myfxbook uses FXCM:NYSE - Forex, FX, and Currency Trading Online 24/5 @ FXCM for automated signal following.

zulutrade likes to use Forex | Forex Brokers | Forex Trading | HotForex likewise.

I was surprised to hear last year that Mirus also has forex services at Forex Trading Online | Forex Broker | Mirus Forex
which can use MT4 or NT. I never tried forex with them, just futures.

A good forum about forex is Easy Forex Forum, Factory, Best Forex Pro Signals | Donna Forex

their broker topic & poll here: Which broker(s) are you using?


I was going to do Mirus, but they are referring out right now.

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  #7 (permalink)
NC, USA
 
Experience: None
Platform: None Yet
Trading: Guitar
 
MrYou's Avatar
 
Posts: 403 since Jun 2011
Thanks: 618 given, 195 received

I don't consider myself experienced, but ....

Most important info I read a while back when considering a Spot Forex broker is to consider one who is an EXN (the term used in the U.S.) or ECN (the term used outside the U.S.).

Quick definition:

"ECN can best be described as a bridge linking smaller market participants with tier-1 liquidity providers through a FOREX ECN Broker."

Any broker who is not an EXN is probably going to have higher commissions or wider spreads or potentially sketchy practices with your fills. You'll definitely want to watch the spread like a hawk for any "abnormal activity".

I tried FXCM+NT around the beginning of the year but there were issues with historical data speed, but (according to the release notes) the latest NT may have (or may not have) resolved those issues.

I've been using MBTradings demo service (MBT is an EXN) with NinjaTrader since the beginning of the year and will probably go with them. Unfortunately Sierra Chart doesn't appear to currently support MBT even though there is some customer demand and developer support for it.

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  #8 (permalink)
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011


MrYou View Post
I don't consider myself experienced, but ....

Most important info I read a while back when considering a Spot Forex broker is to consider one who is an EXN (the term used in the U.S.) or ECN (the term used outside the U.S.).

Quick definition:

"ECN can best be described as a bridge linking smaller market participants with tier-1 liquidity providers through a FOREX ECN Broker."

Any broker who is not an EXN is probably going to have higher commissions or wider spreads or potentially sketchy practices with your fills. You'll definitely want to watch the spread like a hawk for any "abnormal activity".

I tried FXCM+NT around the beginning of the year but there were issues with historical data speed, but (according to the release notes) the latest NT may have (or may not have) resolved those issues.

I've been using MBTradings demo service (MBT is an EXN) with NinjaTrader since the beginning of the year and will probably go with them. Unfortunately Sierra Chart doesn't appear to currently support MBT even though there is some customer demand and developer support for it.


Thanks. I have opened two accounts so far, going to just do some test driving.

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  #9 (permalink)
desert CA
 
Experience: Intermediate
Platform: NT7, TOS, CQG-trader
Broker: AMP, DT, TDA
Trading: CL,NQ,YM
 
Posts: 2,130 since Jul 2011
Thanks: 2,368 given, 1,707 received

I forgot to mention I could not get over MT4's standard entry order system. Some brokers have the single
order button plugin included in their customized versions of MT4.

A site with the plugin for MT4:
Download One Click Trading | Liquid Markets MT4 Plugin

But I prefer just using MBT on NT. (example screenshot) ; ThinkOrSwim has a Forex DOM , something like a chart trader, and single order buttons as part of their all-in-one entry DOM, but the commissions are horrendous and their spread can be laggy. (example screenshot)

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  #10 (permalink)
New York, NY
 
Experience: Advanced
Platform: Trade Station, MT4
Trading: FX, CFD's
 
FXCM Brad's Avatar
 
Posts: 56 since Mar 2013
Thanks: 75 given, 46 received



MrYou View Post
I don't consider myself experienced, but ....

Most important info I read a while back when considering a Spot Forex broker is to consider one who is an EXN (the term used in the U.S.) or ECN (the term used outside the U.S.).

Quick definition:

"ECN can best be described as a bridge linking smaller market participants with tier-1 liquidity providers through a FOREX ECN Broker."

Any broker who is not an EXN is probably going to have higher commissions or wider spreads or potentially sketchy practices with your fills. You'll definitely want to watch the spread like a hawk for any "abnormal activity".

I tried FXCM+NT around the beginning of the year but there were issues with historical data speed, but (according to the release notes) the latest NT may have (or may not have) resolved those issues.

I've been using MBTradings demo service (MBT is an EXN) with NinjaTrader since the beginning of the year and will probably go with them. Unfortunately Sierra Chart doesn't appear to currently support MBT even though there is some customer demand and developer support for it.

Thanks for the post MrYou!

To clarify, ECN stands for Electronic Communication Network. Itís a general IT term, but when applied to finance, typically refers to a network of financial institutions/banks that are trading with each other. Take a look at the definition on Investopedia: ECN

I did not find a reliable source of information on EXN, but I was able to locate some general information on it. It appears that the goal of an EXN is to eliminate commissions on FX trades, and only compensate the broker via a markup on the spread.

THIS IS GREAT NEWS FOR YOU!

FXCMís execution is ALREADY setup this way! FXCM is compensated via a markup on the spread; there are no routing fees, exchange fees, or anything else. You simply pay the spread (the difference between the bid and ask) and thatís it!

Additionally, there have been significant improvements in data download speeds for FXCM NinjaTrader clients. Please take another look when you have some time; make sure that, when you install (or reinstall) NT to set it to use NinjaTrader data servers. This should increase your download speed significantly.

Thank you again for your post. If you have additional questions, please let us know!

Brad

If you have any questions about the products or services provided by FXCM, please send me a Private Message or use the BMT "Ask Me Anything" thread
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